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[13]: 2 The poverty rate in Canada in 2008, was among the highest of the OECD member nations, the world's wealthiest industrialized nations. [6] In 2013, Canada's high poverty rate ranked among the worst of 17 high income countries with 12.1% living in poverty. [91] Canada's child poverty rate was 15.1% compared to 12.8% in the mid-1990s.
Total net social spending in terms of percent of GDP, takes into account public and private social expenditure, and also includes the effect of direct taxes (income tax and social security contributions), indirect taxation of consumption on cash benefits, as well as tax breaks for social purposes. [1]
As a result of revisions in PPP exchange rates, poverty rates for individual countries cannot be compared with poverty rates reported in earlier editions." [11] "National poverty headcount ratio is the percentage of the population living below the national poverty line(s). National estimates are based on population-weighted subgroup estimates ...
The IRS also said that direct deposit refund data includes refunds for returns received in the prior and current year, but were processed in 2022. The average direct deposit tax refund was $3,462 ...
The average federal income tax refund as of April 8 is $3,226, up from an average of $2,893 at the same point in 2021, according to the Staten Island Live website, which cited IRS data.
A non-refundable tax credit for charitable donations is calculated at the lowest tax rate for the first $200 in a year, and at the highest tax rate for the portion in excess of $200. Donations can result in a reduction in taxes of between 40 and 60% of the donation depending on the province of the taxpayer and type of property donated.
The share of Americans, particularly children, in poverty rose significantly last year, in large part because Congress did not renew a Covid-19 pandemic enhancement to the child tax credit ...
According to the OECD's report entitled "Taxing Wages 2018" [28] in 2017, the "employee net average tax rate for a single person in Canada with no children was 22.8%, compared to 26.1% in the United States. Canada placed "11th lowest among 35 OECD countries". [28]